S&P 500 climbs more than 1 percent

By IBT Staff Reporter On 01/18/12 AT 3:32 PM

The S&P 500 rose more than 1 percent in late trading on Wednesday, hitting its highest level since July, helped by gains in financials.

The Dow Jones industrial average was up 93.93 points, or 0.75 percent, at 12,576.00. The Standard & Poor's 500 Index was up 13.79 points, or 1.07 percent, at 1,307.46. The Nasdaq Composite Index was up 38.14 points, or 1.40 percent, at 2,766.22.